on the other hand, busting through the debt ceiling would be time. it is time to admit that america is a bit of a ludicrous banana republic. this is really bad options of managing our affairs. that is a grim conclusion, by the way, that means bond prices will go up, not as much as in default. but it is a grim conclusion that fits the evidence. of course, there is another option, republicans could just do what the congress of the united states is supposed to do. they could pay the bills it has racked up. and if it wants to pay fewer bills in the future and spend less money it can cut spending or raise taxes, which it writes the next budget. you know, the time you're supposed to do that. you know the way we have been doing it of the nation's history before john boehner and the republicans took over the house, during the entire rest of the nation's history when we never came close to purposely faulting on our deletes when we weren't a ludicrous banana republic? the last word for tonight. the ed show is up next. >> good evening and welcome to new york. t